Student loans company "sold debt" to Thesis Servicing Ltd

bookguy

This morning I received a letter from the Student Loans Company basically saying that they have "sold" my student debt (about £3000) to somewhere called Thesis Servicing Ltd, who will administer payments and so on from now on. The attached URL: http://www.thesis-servicing.co.uk/

The only thing I can find out about this company is that they are a "styling" of Link Financial Services, URL: http://www.linkfinancial.eu/uk/ . Looking elsewhere on this board, this group seems to be a bunch of rather heavy-handed debt collectors who like to "shake the tree" by bombarding debtors with Letters and Voicemails.

Has anyone else had this happen to them? Any experience with Link?

Advice appreciated!

marshallka

Says here

Can I defer my repayments?

Each year, the government establishes an income threshold, below which student loan repayments can be deferred by (repeated) one-year periods. The income threshold for the 2008-2009 academic year is £25.936 per year. If you would like to apply for or renew your deferment, please contact us on 0844 736 8426.

Income change

Should, at any time, your income drop below the threshold income level established for loan repayments by the Government and you wish to apply to defer your payments, please contact us on 0844 736 8426. The income threshold for the 2008-2009 academic year is £25.936 per year.

Change of circumstance

Should there be a change of circumstance – including name or address change – please send us the revised details, writing to the address listed in the Contacts page. If you are unable to make your repayments as a result of a change in circumstance, please call us on 0844 736 8426 to discuss the situation in more detail.

So if you are worried why not give them a call.

p1an0player

bookguy wrote: »

This morning I received a letter from the Student Loans Company basically saying that they have "sold" my student debt (about £3000) to somewhere called Thesis Servicing Ltd, who will administer payments and so on from now on. The attached URL: http://www.thesis-servicing.co.uk/

The only thing I can find out about this company is that they are a "styling" of Link Financial Services, URL: http://www.linkfinancial.eu/uk/ . Looking elsewhere on this board, this group seems to be a bunch of rather heavy-handed debt collectors who like to "shake the tree" by bombarding debtors with Letters and Voicemails.

I received a letter informing me that my direct debit would now be collected by Thesis, as per a previous "joint" letter from SLC + Thesis (which I haven't received).

Link_Financial's_website wrote: »

LINK Financial ("LINK"), the leading European purchaser and servicer of semi - and non-performing consumer receivables, has launched a new brand dedicated to the administration of student loans.

Whilst LINK Financial has been involved in the student loans business in an administrative function since 2006, the launch of Thesis Servicing coincides with the assumption of full day-to-day operational responsibilities and the transfer of 450,000 customers. From October 2008, Thesis Servicingwill administer a portfolio of student loans which was sold by the UKGovernment in 1998 - as part of the first student loan sale to the privatesector - and is owned by Finance For Higher Education Limited (FFHE).

I'm not sure to whether to be concerned. I certainly haven't been a semi- or non-performing customer.

The press release was only yesterday so I'm sure quite a few people will be getting these letters.

By the way, student loans and method of collection changed for students starting their courses after 1997. I'm not sure which period marshallka's post relates to.

justmarried06

I've had one of these letters too, as well as a joint letter. From what I can gather, the SLC are just selling off some of their loans due to volume they have - although I can't quite work out why they've only sold one of mine and not the other 2!!! As long as it's not more hassle for me changing the DD etc (which it doesn't look like there will be as thesis have confirmed amounts and changes etc) then I'm not too concerned.....

Jim_B_3

I've seen no such letter. On the 10th the SLC took their usual amount, and then today Link Financial, whom I had never heard of, took some as well. I'll be calling them and the SLC tomorrow to ask what the game is, but can anyone give me some more information?

nobster1211

can anyone tell me do you have to pay these loans back? i have been told that after 15yrs they expire? also i was told to pay £200 a month (my friend pays £20 a month and earns more than me)which i do but leave me nothing to save to buy a house with (if i wanted to in current climate)..seems a tad unfair even when i told them it was too much they said i had to....also some years ago they rang my mum to say sorry i was dead and they would cancel the loan when i was and still am alive and kicking!!!

so please any help advice web pages etc i dont mind paying it back but 200 quid a month!!!!!!!!!!!!

cheers:beer:

Rachy k

justmarried06

Hello peeps - in case anyone still needs any more info on the sale of loans to Thesis - link here.

http://www.prnewswire.co.uk/cgi/news/release?id=239363

Rachy - repayment and deferral is all dependant upon the following:
1 - when you took your loans out
2 - your gross take home pay per month

Check out Direct.gov.uk and follow the links to Student Loans as there is a payment calculator on their site.

HTH

JM x

Jakg

nobster1211 wrote: »

can anyone tell me do you have to pay these loans back? i have been told that after 15yrs they expire? also i was told to pay £200 a month (my friend pays £20 a month and earns more than me)which i do but leave me nothing to save to buy a house with (if i wanted to in current climate)..seems a tad unfair even when i told them it was too much they said i had to....also some years ago they rang my mum to say sorry i was dead and they would cancel the loan when i was and still am alive and kicking!!!

so please any help advice web pages etc i dont mind paying it back but 200 quid a month!!!!!!!!!!!!

cheers:beer:

Rachy k

They don't expire for 25 years iirc.

The advice (at least now) is to pay as little as you can each month - they don't demand payment, and automagically take 9% of all wages over £15k. Due to the interest rate being so low you can actually stooze of it (i.e. take the £200, but it in a high-interest bank account, and pay back the minimum) and make extra £...

morg_monster

Rachy k if you started at uni since 1998 you should not be paying that much unless you are earning more than about £40k; it should be as jakg says, 9% of all (gross) wages over £15k. If that is the case, you need to contact the SLC but also talk to your payroll department as the amount you pay each month should be calculated by them (possibly automatically from your tax code), it is possible they have made an error. EG the month I get my bonus, they take a whacking great load of SLC, because it is always based on your monthly pay. But at the end of the tax year I could get the overpayment paid back, based on my yearly pay.
Basically if you went to uni recently, unless you are earning more than £40k (which you probably aren't since you say you have no money left to save) you need to get this sorted ASAP. You can claim back any overpayments at the end of the tax year if you want to.

If you had a loan prior to 1998, then the rules were different and £200 a month isn't so crazy.

p1an0player

For me, normally two direct debit payments are taken per month. Last month both were taken by Link Financial.

This month only one has been taken, by Thesis.

Not sure what's going on

damo100

Just a warning - my loan got "sold on" about three years ago (I graduated in 96). The new company restructured my repayments so, rather than pay them £120 a month, I was paying them £60 a month. I never noticed and was pretty cheesed off a year later when I thought I would have cleared my debt, only to find I still had another £800 to pay - by which time I had left my nice £24k job and could no longer make any repayments

So my advice is - don't be as stupid as me! Keep an eye on them! The loan companies don't want you to repay, so that they can accrue lots of lovely interest on your loan.